MSMEs in Philippines’ halal industry get funding boost

HALAL FOOD FEST Muslim vendors sell their best cuisine during the Kartilya ng Katipunan in Manila, which is part of the programs of the Manila City government to promote halal food. —MARIANNE BERMUDEZ

MANILA  -The Department of Trade and Industry (DTI) on Monday signed a memorandum of understanding (MOU) with solutions and management consultancy firm DK P.O. Fulfillment Company Inc. (DKPOFCI) to offer low-cost funds to support the local halal industry.

The move is seen benefiting micro, small and medium enterprises (MSMEs) in the local halal trade, an industry expected by the government to generate P230 billion in trade and investments, as well as 120,000 jobs in five years.

“Our micro, small, and medium-sized enterprises, or MSMEs, are at the forefront of our Halal initiatives, poised to reap significant benefits. The Department of Trade and Industry is taking substantial steps to champion its growth in this domain,” Trade Secretary Alfredo Pascual said in his speech at the signing ceremony in Parañaque City.

Under the MOU, the DTI and the DKPOFCI will provide noninterest-based financing opportunities for MSMEs, thereby providing an avenue for their integration into the local halal industry.

READ:  PH halal industry targeting 10% export growth

MSMEs will also be provided services and programs for logistics management, quality control and inspection, custom brokerage, insurance, as well as global sourcing and procurement under the MOU.

“DK greatly believes that the true growth of the halal industry will be dependent on a program that will address the development of an end-to-end entrepreneurial ecosystem,” DKPOFCI executive chair Antonio Intal said.

Entrepreneurial education

“The sequence will focus on entrepreneurial education, then pre-seed funding incubation, then acceleration, then market penetration and development, and finally growth funding via transactional venture capital,” he added

READ:  Gov’t readies halal industry dev’t strategy

To further promote the local halal industry, the DTI is also set to launch a national strategy to develop the sector.

It will also lead nine government agencies to form an inter-agency task force that will create a road map intended to position the Philippines as the most halal-friendly trade and investment hub in Asia-Pacific.

The DTI, with the Philippine Halal Board member agencies, will also host the Halal Economy Festival on Nov. 21, which will feature a trade and investment forum with renowned speakers from global halal authorities, business-to-business meetings, halal culinary and culture, and exhibits of halal-certified products and services. INQ